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Alexandria Real Estate Equities, Inc.

ARE Real Estate Reit Office

Alexandria Real Estate Equities, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 billion, down 2.88% from fiscal 2024. In the quarter to June 2026, revenue fell 13.0%, EPS grew 32.8%, free cash flow fell 158.1% and total debt fell 3.62%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

45.51 0.09 −0.20%
Market cap
$8.0B
P/E
0.0×
Fwd P/E
0.0×
Dividend yield
6.33%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 3.19
Total sells 1.90
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — 1 — 1 3 — — 1 1 —
Sell — 1 — 1 — 1 — 1 — 1 1 —
Insider Ownership 0.36%

Capital & Financial Ratios $m

Market Cap 7,950.00
Revenue 2,840.16
Net Income (833.79)
Free Cash Flow 1,716.83
Net Debt 12,337.73
Current Ratio 0.19
Debt/Equity 0.67
P/E ratio 0.00
Fwd P/E 0.00
P/S ratio 2.74
P/B ratio 0.41
Past 5Y EPS Growth —
This Y EPS Growth 117.89% (at or above 15%: strong)
Next Y EPS Growth (157.64%) (below 0%: weak)
Next Y revenue growth (100.00%) (below 0%: weak)
Next 5Y EPS Growth 50.49% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.1×, against a ten-year median of 14.1×; over the ten years it ranged from 6.5× in 2026 to 19.8× in 2021.
P/S against its own 10 years 2.18%
10-year low 10-year high
P/B against its own 10 years 1.59%
10-year low 10-year high
EV/Sales against its own 10 years 4.62%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 2.88
Annual Dividend Yield 6.33%
total individual payouts
2026 2.16
0.72
0.72
0.72
2025 4.68
1.32
1.32
1.32
0.72
2024 5.19
1.27
1.30
1.30
1.32
2023 4.96
1.21
1.24
1.24
1.27
2022 4.72
1.15
1.18
1.18
1.21
2021 4.48
1.09
1.12
1.12
1.15
2020 4.24
1.03
1.06
1.06
1.09
2019 4.00
0.97
1.00
1.00
1.03
2018 3.73
0.90
0.93
0.93
0.97
2017 3.45
0.83
0.86
0.86
0.90
2016 3.23
0.80
0.80
0.80
0.83
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 661 560 554 475
Receivables 8 6 7 8
Inventory — — — —
Other — — — —
669 566 560 483
2023 2024 2025 Q'26
Payables 2,611 2,654 2,397 2,514
ST’ Debt — — — —
Other — — — —
2,611 2,654 2,397 2,514

Compound Annual Growth %

10y 5y 3y
Sales 13.63% 9.93% 5.34%
Cash Flow 15.23% 9.89% 2.99%
Earnings 0.00% 0.00% 0.00%
Book Value 16.13% 7.29% (5.56%)

Revenue $m

Mar Jun Sep Dec Year
’26 671 663 — — —
’25 758 762 752 754 3,027
’24 769 767 792 789 3,116
’23 701 714 714 757 2,886
’22 615 644 660 670 2,589
’21 480 510 548 577 2,114
’20 440 437 545 464 1,886
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 197 337 — — —
’25 208 460 433 312 1,414
’24 341 412 477 274 1,505
’23 306 478 418 429 1,631
’22 191 339 363 401 1,294
’21 212 240 309 250 1,010
’20 191 202 315 174 883
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (349) (62) — — —
’25 (370) 106 54 2,074 1,864
’24 (529) (143) (1) 727 53
’23 (745) 76 (226) 37 (858)
’22 (2,379) (276) (282) (960) (3,897)
’21 (2,099) (1,373) (1,003) (1,849) (6,324)
’20 (665) (367) (1,121) (233) (2,386)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 2.10 (0.43) — — —
’25 (0.07) (0.64) (1.38) (6.35) (8.44)
’24 0.97 0.25 0.96 (0.38) 1.80
’23 0.44 0.51 0.13 (0.54) 0.54
’22 (0.96) 1.67 2.11 0.31 3.18
’21 0.04 2.61 0.67 0.47 3.82
’20 0.14 1.82 0.63 3.26 6.01
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 70.69 106.89 109.04 110.66 109.22 154.37 126.74 90.73 96.44 44.10

Analyst estimates 2026–2028

Powerpack
High 114.67 134.37 131.00 163.51 179.79 224.95 224.33 172.65 131.36 105.14
People
People Employees 285 323 386 439 470 559 593 568 552 514
Revenue/emp, $m 3.23 3.49 3.44 3.49 4.01 3.78 4.37 5.08 5.65 5.89
Income, $m
Income, $m Revenue 922 1,128 1,327 1,531 1,886 2,114 2,589 2,886 3,116 3,027
Gross margin, % 69.79 71.14 71.29 70.91 71.88 70.51 69.75 70.23 70.82 69.52
EBT (54) 194 394 404 665 515 133 3 374 (1,850)
EBT margin, % (5.82) 17.18 29.69 26.35 35.26 24.38 5.13 0.10 12.01 (61.11)
Net income (50) 194 403 404 827 654 671 281 511 (1,217)
Depreciation 319 406 464 520 648 776 942 1,017 1,135 1,332
Per share, $
Per share, $ Revenue 12.11 12.32 12.89 13.65 14.95 14.39 16.02 16.88 18.11 17.77
Earnings (1.99) 1.59 3.53 3.13 6.03 3.83 3.18 0.54 1.80 (8.44)
Cash flow 5.17 4.93 5.54 6.09 7.00 6.88 8.01 9.54 8.74 8.30
Capex (18.90) (16.97) (18.87) (32.69) (25.92) (49.92) (32.11) (14.56) (8.43) 2.64
Free cash flow (13.73) (12.05) (13.34) (26.60) (18.92) (43.04) (24.10) (5.02) 0.31 10.94
Book value 70.58 70.69 76.54 90.50 106.52 129.48 140.26 132.27 130.05 112.14
Shares, m 76 92 103 112 126 147 162 171 172 170
Valuation, ×
Valuation, × P/E 0.00 82.23 32.46 52.12 30.41 58.83 46.04 239.46 54.19 0.00
P/S 9.13 10.54 8.94 11.84 11.92 15.49 9.00 7.66 5.39 2.75
P/B 1.63 1.86 1.52 1.79 1.67 1.72 1.03 0.98 0.75 0.44
EV/Sales 13.49 14.52 12.86 16.11 15.61 19.46 12.59 11.35 9.14 6.67
EV/FCF (11.90) (14.85) (12.43) (8.26) (12.34) (6.50) (8.37) (38.19) 533.09 10.83
Cash, $m
Cash, $m Operating cash flow 393 451 570 684 883 1,010 1,294 1,631 1,505 1,414
Capex (1,438) (1,554) (1,944) (3,668) (3,269) (7,334) (5,191) (2,488) (1,451) 450
Free cash flow (1,045) (1,103) (1,374) (2,985) (2,386) (6,324) (3,897) (858) 53 1,864
Balance, $m
Balance, $m Working capital (581) (476) (700) (1,067) (1,065) (1,788) (1,606) (1,942) (2,088) (1,837)
Total debt 4,164 4,765 5,478 6,777 7,563 8,792 10,160 11,316 12,244 12,401
Net debt 4,023 4,488 5,206 6,535 6,966 8,377 9,302 10,655 11,685 11,847
Shareholders’ equity 5,371 6,472 7,884 10,154 13,432 19,024 22,674 22,607 22,378 19,098
Returns, %
Returns, % ROA (1.57) 1.29 2.74 2.14 3.69 2.12 1.56 0.26 0.83 (4.02)
ROIC 1.77 1.77 1.81 1.62 1.61 1.18 1.22 1.38 1.53 1.29
ROE (3.33) 2.52 5.12 3.91 6.45 3.47 2.46 0.41 1.38 (6.93)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Alexandria Real Estate Equities, Inc. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BXP BXP, Inc. $10.4B 31.7× 32.8× +3.14% (above 0%: growing) −23.21% (below 0%: shrinking) +38.70% (above 0%: growing) 61.43% 28.91% Compare
ARE Alexandria Real Estate Equities, Inc. $8.0B — (loss-making) — (loss-making) −13.03% (below 0%: shrinking) n/m −158.14% (below 0%: shrinking) 68.72% 17.23%
CDP COPT Defense Properties $7.6B 23.3× 24.5× +3.94% (above 0%: growing) +17.65% (above 0%: growing) +76.90% (above 0%: growing) 60.18% 32.03% Compare
VNO Vornado Realty Trust $6.9B 1,681× — (loss-making) +4.71% (above 0%: growing) −97.93% (below 0%: shrinking) −90.54% (below 0%: shrinking) 51.58% 5.54% Compare
CUZ Cousins Properties Incorporated $4.6B 691× 145× +11.83% (above 0%: growing) +77.78% (above 0%: growing) +811.42% (above 0%: growing) 68.47% 24.85% Compare
KRC Kilroy Realty Corporation $4.0B 24.0× 155× −6.04% (below 0%: shrinking) −70.69% (below 0%: shrinking) −83.18% (below 0%: shrinking) 65.29% 23.99% Compare
SLG SL Green Realty Corporation $3.7B — (loss-making) — (loss-making) +9.13% (above 0%: growing) n/m +7,443.12% (above 0%: growing) 48.82% 7.84% Compare
HIW Highwoods Properties, Inc. $3.2B 19.0× 31.1× +7.87% (above 0%: growing) +400.00% (above 0%: growing) +364.51% (above 0%: growing) 67.58% 26.47% Compare
DEI Douglas Emmett, Inc. $1.7B — (loss-making) — (loss-making) +1.63% (above 0%: growing) n/m +41.06% (above 0%: growing) 63.19% 19.62% Compare
Median of peers $4.3B 27.8× 32.8× +4.33% −2.78% +58.98% 62.31% 24.42%

All 18 Reit Office stocks →

ARE metrics, ten years each

Alexandria Real Estate Equities, Inc. (ARE) key facts

  • Concern: Alexandria Real Estate Equities, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 billion, down 2.88% from fiscal 2024.
  • Alexandria Real Estate Equities, Inc. (ARE) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, ARE traded at $45.51, a market capitalization of $8.0 billion.
  • Alexandria Real Estate Equities, Inc. pays an annual dividend of $2.88 per share, a yield of 6.33%.
  • Return on equity was −6.93% and debt-to-equity 0.67.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Alexandria Real Estate Equities, Inc. (ARE) Latest News

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stockrow.com/ARE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com